The Goldman Sachs Group, Inc. (together with its consolidated subsidiaries, the firm) will be
making certain changes to its business segments, commencing with its earnings release for the
fourth quarter of 2010, which will be issued on January 19, 2011.

Prior to the fourth quarter of 2010, the firm had three business segments: Investment Banking,
Trading and Principal Investments, and Asset Management and Securities Services. Beginning with the
fourth quarter of 2010, the firm will report its results in the following four business segments:
Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management.
Prior results beginning with the firms 2008 fiscal year are presented on a comparable basis in the
tables below.

The changes made were as follows:



Trading and Principal Investments has been disaggregated into two new segments:
Institutional Client Services, which includes results from the firms market making in
various products for and on behalf of clients, and Investing & Lending, which includes
results from the firms investing and lending activities. These changes reflect the
increased importance of providing greater transparency with respect to the firms
revenues from client execution activities related to making markets for clients in
various products, and revenues from investing and lending activities. Accordingly, the
firms revenues will now be aggregated based on the nature of the firms activities,
rather than its products.



The results from client execution activities related to making markets for
clients, previously reported in Equities and Fixed Income, Currency and
Commodities, are now included in Institutional Client Services.



The results previously reported in Principal Investments are now included in
Investing & Lending (except for overrides, which are included in Investment
Management as described below). In addition, the results related to investing
and lending activities across various asset classes, primarily including debt
and equity securities, loans, private equity and real estate, previously
reported in Equities and Fixed Income, Currency and Commodities, are now
included in Investing & Lending.



Asset Management and Securities Services has been disaggregated, with the results
previously reported in Asset Management now included in Investment Management. The
results previously reported in Securities Services are now included in Institutional
Client Services, together with the firms other client execution businesses.



Derivative transactions that are directly related to client advisory and
underwriting assignments, previously reported in Equities and Fixed Income, Currency
and Commodities, are now included in Investment Banking, together with the advisory and
underwriting assignments to which they are directly related.



Transaction revenues and custody fees related to the firms Private Wealth
Management business, previously reported in Securities Services, Equities and Fixed
Income, Currency and Commodities, are now included in Investment Management, together
with the firms other investment management activities.



Overrides, which represent the increased share of the income and gains derived from
the firms merchant banking funds when the return on a funds investments over the life
of the fund exceeds certain threshold returns, previously reported in Principal
Investments, are now included in Investment Management (within incentive fees),
together with the firms other investment management activities.

Financial Advisory, which includes advisory assignments with respect to mergers and
acquisitions, divestitures, corporate defense activities, restructurings and spin-offs,
and derivative transactions directly related to such client advisory assignments.



Underwriting, which includes public offerings and private placements of a wide range
of securities and other financial instruments, and derivative transactions directly
related to such client underwriting activities.

Equities, which includes client execution activities related to making markets in
equities, commissions and fees, and the firms securities services business.

Investing & Lending

Investing & Lending includes the following activities:



The firms investing and lending activities across various asset classes, primarily
including debt and equity securities, loans, private equity and real estate. These
activities include both direct investing and investing through funds.

Includes the following expenses that have not been allocated to the firms segments: (i) charitable contributions of
$25 million for the three months ended March 31, 2010; (ii) net provisions for a number of litigation and regulatory
proceedings of $27 million, $615 million and $21 million for the three months ended September 30, 2010, June 30, 2010 and
March 31, 2010, respectively; and (iii) real estate-related exit costs of $20 million, $4 million and $2 million for the three
months ended September 30, 2010, June 30, 2010 and March 31, 2010, respectively.

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESOPERATING RESULTS BY SEGMENT
(UNAUDITED)$ in millions

Year Ended

One Month Ended

December 31,

November 28,

December 26,

2009

2008

2008

Investment Banking

Financial Advisory

$

1,897

$

2,663

$

73

Equity underwriting

1,797

1,415

19

Debt underwriting

1,290

1,375

46

Total Underwriting

3,087

2,790

65

Net revenues

4,984

5,453

138

Operating expenses

3,482

3,269

170

Pre-tax earnings

$

1,502

$

2,184

$

(32

)

Institutional Client Services

Fixed Income, Currency and Commodities Client
Execution

$

21,883

$

9,318

$

446

Equities client execution

5,237

4,950

420

Commissions and fees

3,680

4,826

239

Securities services

1,919

3,251

227

Total Equities

10,836

13,027

886

Net revenues

32,719

22,345

1,332

Operating expenses

13,691

10,294

736

Pre-tax earnings

$

19,028

$

12,051

$

596

Investing & Lending

Industrial and Commercial Bank of China Limited (ICBC)

$

1,582

$

(446

)

$

228

Equity (excluding ICBC)

(596

)

(5,953

)

(1,076

)

Debt

1,045

(6,325

)

(856

)

Other

832

1,903

74

Net revenues

2,863

(10,821

)

(1,630

)

Operating expenses

3,523

2,719

204

Pre-tax earnings

$

(660

)

$

(13,540

)

$

(1,834

)

Investment Management

Management and other fees

$

3,860

$

4,346

$

320

Incentive fees

180

301

2

Transaction revenues

567

598

21

Net revenues

4,607

5,245

343

Operating expenses

3,673

3,528

263

Pre-tax earnings

$

934

$

1,717

$

80

Total

Net revenues

$

45,173

$

22,222

$

183

Operating expenses (1)

25,344

19,886

1,441

Pre-tax earnings

$

19,829

$

2,336

$

(1,258

)

(1)

Includes the following expenses that have not been allocated to the firms segments: (i) charitable contributions of $810 million
for the year ended December 31, 2009; (ii) net provisions for a number of litigation and regulatory proceedings of $104 million,
$(4) million and $68 million for the years ended December 31, 2009 and November 28, 2008 and one month ended
December 26, 2008, respectively; and (iii) real estate-related exit costs of $61 million and $80 million for the years ended
December 31, 2009 and November 28, 2008, respectively.